What Loan Options Does Cashfloat Offer?
Cashflow offers personal loans between £1,000 and £2,500 over a term of six or nine months. You can use the loan to go towards finance for:
- Home improvements
- A holiday
- A wedding
- A car purchase
What Is a Representative Example of the Loan Terms Offered by Cashfloat?
Repay £226.33 a month for nine months.
Repay in total the sum of £2,036.97 of which £1,200 is the capital and £836.97 is interest.
This loan has an interest rate of 145.71%. The representative APR is 295.58%.
What Is a Representative Interest Rate?
This is the interest rate offered to at least 51% of a lenders customers. If you aren’t offered the representative rate then you will probably pay more.
What Are Cashfloat’s Additional Financial Services?
Cashflow also offers payday loans between £300 and £1,000 to lenders with a good or bad credit history. A representative example of a Cashfloat payday loan is:
Repay £224.60 for 4 months. Pay £168.45 for one month and £112.20 for one month.
The representative APR is 295.58%. This loan has a fixed fee of 145.71%.
Repay a total of £1,179.05 of which £700 is capital and £479.05 is interest.
Cashfloat also offers short term business loans. You can borrow between £1,000 and £200,00 payable between one and 12 months. You can apply online and you’ll have a decision within a day.
Another service Cashfloat offers is Credit Repair. This is a customised plan to improve your credit history with tips on how to get a better score.
You’ll also get alerts about any changes made to your credit history.
The Importance of a Good Credit Score
If you want to borrow money at reasonable interest rates then you should have a good credit score. You can check your credit history with each of the three main agencies. These are:
When you receive your credit history it should have the details of your name, date of birth and your present and previous addresses.
Also on the report will be details of any credit that you have. This can be in the form of a phone agreement, credit cards, or loans.
There will also be details of any utility bills you pay. The credit history will record whether or not you have missed any payments or have been late paying bills.
If you have ever had credit with someone else as a joint borrow, their credit history will affect yours.
Check that all the information on your credit history is correct and, if someone else is included in your report and the credit has been paid, errors. For example, you may have paid a debt and it is not recorded as paid.
If you have had any County Court Judgments (CCJ’s) or you have been made bankrupt in the last six years the details will be recorded.
Finally, check your record score. Look at each of the reports for your score because each agency has a different numbering system.
You can see from the table below that the score will be:
- Very Poor
|Equifax||0 to 438||Very poor|
|439 to 530||Poor|
|531 to 670||Fair|
|671 to 810||Good|
|811 to 1000||Excellent|
|Experian||0 to 560||Very Poor|
|561 to 720||Poor|
|721 to 880||Fair|
|881 to 960||Good|
|962 to 999||Excellent|
|TransUnion||0 to 550||Very Poor|
|551 to 565||Poor|
|566 to 603||Fair|
|604 to 627||Good|
|628 to 710||Excellent|
If you have a poor score, there are things you can do to improve it.
Firstly you can register to vote. It is important because it enables lenders to verify who you are and reduce the risk of identity theft.
If you want to know if you are on the register you can check with your local Electoral Registration office. To find this put your postcode in the box on the Electoral Commission Website where your local office will be listed.
If you aren’t eligible to vote in the UK you should provide proof of residence.
The other thing you can do is to get a credit building credit card. You can then either use it for your everyday spending and pay it off completely at the end of the month.
Or, use it to pay for something where you want to spread the costs by making minimum payments, although by doing this you will pay interest on the card.
While you have the card don’t spend up to the limit, try to keep it at 50%. If your limit is £1,200 only spend up to £600.
Always pay the credit card bill on time and never miss a payment. After six months check your credit score and you should find it has improved.
If you need to finance your home improvement project, click here to compare loans.
What Are the Advantages and Disadvantages of Cashfloat’s Banking Services?
- Application online and quick decision
- Only small personal loans are available with short repayment terms
- Representative APR is much higher than most other lenders
Cashfloat Reviews and Ratings
Trustpilot: 3.5, ‘Average’, based on 120 reviews
Reviews: 96% recommended Cashfloat, 4.82/5 rating
Smartmoneypeople: 4.7/5, ‘Amazing’, based on 12 reviews